THE ASSOCIATION BETWEEN AUDIT COMMITTEE CHARACTERISTICS AND FINANCIAL RESTATEMENTS ABSTRACT: The second section focuses on the background of corporate governance provisions such as the Blue Ribbon Committee (BRC) and Sarbanes Oxley (SOX) that aim to improve the effectiveness of audit committees. The composition of audit committees is heavily critiqued with an emphasis on independence‚ financial expertise and frequency of meetings. This paper will examine each of these characteristics
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Remedies Final Summer This fact pattern is regarding the misbehavior of Sony and its brand of music cds. In an effort to combat piracy‚ Sony hired a company to design a copy-protection system called XCP. This software was imbedded onto Sony’s cds and this software was designed to prevent unauthorized replication. If you tried to play a protected disk in your computer‚ you first had to agree to install a Sony music player to listen to it. Yet‚ this software used malware tactics‚ it took over the
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Accy 510 Silic Case Homework Assignment Name: Yue (Josie) Deng Date: June 11‚ 2012 #1 On 01/01/2003‚ Silic should record the one-off‚ fair-value revaluation as result of its adoption of SIIC tax regime. Because the building was appraised at €12‚500 and originally bought at €10‚000‚ the firm needs to make a journal entry to account for this increase in value 01/01/2003 Buildings & Land €2‚500 Revaluation Surplus €2‚500 * Land & Building = €12‚500 - €10‚000 = €2‚500
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Related Cases 4. Other Information Children – Restatement 2d Section 283A • In order to determine if a child is behaving negligently‚ a child must conform to what a reasonable person of like‚ age‚ intelligence‚ and experience under like circumstances. • Adult Activity - An exception to this rule
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(measure of auditor independence) is higher in firms with shareholders ratification of auditor independence than in firms without shareholders ratification of auditor selection. Using the data of 40 firms with a negative restatement‚ I also find that after announcement of restatement the increase cost of capital is higher in firms without shareholders ratification of auditor selection than in firms with shareholders ratification of auditor selection. My results indicates that shareholders ratification
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increase the net loss attributable to common shareholders from $2 million or $0.01 per share to a net loss of $82 million or $0.30 per share.”(Office Depot Inc.‚ 2011) The restatement is also expected to negatively impact 2011 cash flows by removing a $63 million current tax receivable. Other negative impacts from this restatement include deep declines in stock trading prices immediately following the announcement and class action lawsuits have now been filed against the company. The failure to disclose
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ACCY 111 Nguyen Dang Quang Name: Nguyen Dang Quang ID: 300199536 Lecturer: Nguyen The Loc Tutor: Ngo Manh Duy Word count: 1175 Accounting is a subject that is relevant to business enterprises‚ especially operating‚ financial accounting‚ and managerial accounting information. There are many ways to define the work engaged in by the accountants. However‚ in this accounting course‚ we only focus on 2 famous professors who have 2 different definitions of the accounting career: Peter Atrill
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Dollar General Case 1. Consider the $13.4 million of freight costs. What is the correct (GAAP) method of accounting for these? How did Dollar General in fact originally account for these costs? (Include in your answer a table of the effects on income in any years affected‚ both before and after tax‚ of the correct accounting and the accounting they originally used. The correct GAAP method to account for freight costs is as an expense of Cost of Goods Sold (COGS) that occur at the time
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Therefore‚ a breadbox is lighter than a feather. a. What is the specific name of the error or fallacy? i. Premises are not known to be true: at least one is false ii. Begging the question: mere restatement iii. Begging the question: restatement through synonymy iv. Begging the question: circular reasoning v. Begging the question: implicit controversial premises vi. Begging the question: arbitrary redefinition of terms vii
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References: KIT digital‚ Inc. Announces Restatement of Prior Period Financial Statements and Postponement of Third Quarter 2012 Results. (2012‚ November 21). Marketwire‚ Retrieved from http://ir.kitd.com/phoenix.zhtml?c=144912&p=RssLanding&cat=news&id=1761217 Kieso‚ D.E.‚ Weygandt‚ J
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